Author: 21 e14 2014-08-20 02:23:34
Published on: 2014-08-20T02:23:34+00:00
Before submitting a BIP, the author proposed the need for an optional identity layer in Bitcoin. They suggest creating a Bitcoin Assigned Custodial Identities Authority (BACIA) to oversee global Custodial Identity allocation. Similar to the Regional Internet Registries (RIRs) that manage the allocation of Internet number resources, the BACIA would delegate Custodial Identity Spaces to Regional Bitcoin Custodial Identity Registries (RBCIRs). A Bitcoin Custodial Identity (BCI) account address would consist of a Custodial Identifier allocated by the BACIA/RBCIRs, similar to a bank's routing number, and an account address like an account number. The purpose of Bitcoin Custodial Identities is to allow dispute resolution in the legal system for transactions in the BCI address space. Free market forces would drive and determine the demand for custodial accounts, but P2PKH users would not be affected.The proposal aims to create an identity layer for Bitcoin, which would allow for greater transparency and accountability in transactions. Feedback on the proposal is appreciated from the community.
Updated on: 2023-06-09T02:25:09.655714+00:00